Our DailyMarket Reports

Closing Gold & Silver Market Report – 8/19/2013

8/19/2013 4:17:48 PM By: Brandi Brundidge

ANALYST RECOMMENDS GOLD IN YOUR PORTFOLIO

Gold was flat for the majority of the day after the superb bounce it received last week from weak U.S. economic data. Investors are beginning to return to Gold as analysts predict a very optimistic outlook for the metal. JPMorgan analyst, John Bridges, stays true to the yellow metal and suggests that Gold should be part of a portfolio, especially if someone is not confident in their currency. “We feel that there's at least a technical bounce here,” he said, adding that Gold was also a hedge against an economic decline. “If you're still uncertain about whether the financial crisis is truly over, then having some Gold in the portfolio makes a lot of sense.” Bridges added, “Gold is not an investment. Gold is a wealth-protection device. Gold does not increase in value over the long term. It holds its value over the very, very long term."

Precious Metals performed at their best last week with Silver rising 14.3 percent and Gold increasing by 4.5 percent. “We obviously had a very good run last week; I think the markets really just wanted to test the strength of that break we had above $1,350, and that has basically allowed it to drift a bit lower today,” Ole Hansen, head of commodities strategy at Saxo Bank, said. “You would imagine if there's one metal that really needs the correction now it's Silver.” Last week’s heavy price movement came from a weaker dollar and speculation the U.S. Federal Reserve will announce its plan to taper fiscal policy in September.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

Gold, $1,366.80, Down $6.20.

Silver, $23.22, Down $0.18.

Platinum, $1,510.30, Down $18.30.

Palladium, $752.30, Down $12.30.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.